Bankwest to cut earn rates

[Doctore1003]

Looks like Bankwest might be the latest to cut earn rates.

Bankwest to cut earn rate on Qantas World and Platinum cards ~ Australian Travel Points

"Effective from 20 June 2016, the Qantas Points earning on the two cards will decrease as follows:

• Bankwest Qantas World: Decrease from 1 point per dollar spent to 0.66 points per dollar.
• Bankwest Qantas Platinum: Decrease from 0.75 points per dollar spent to 0.5 points per dollar.

In addition to these changes, the interest free period of the Bankwest Qantas cards will be reducing from.55 days to 44 days."

Has anyone received a notification in their statement to this effect?

 

[kko]

That's disappointing. I guess it will make it easier for me to stick to the free Zero card now that the Platinum and World QFF cards are suddenly much less appealing

 

[kpc]

Not good news

 

[ksthommo]

Has anyone received a notification in their statement to this effect?

Join the chorus, not good.

Checked my March 2016 World MasterCard statement, nothing on that one.

 

[Pleb Status]

Branch confirmed cuts today. As they are giving two months notice, that gives them a month to tell us.

 

[Mark3000]

Damn, I wanted to get a world

 

[Saintza]

Still on platinum and was going to switch to world in a month or two. This has helped my decision somewhat at least.

 

[Isochronous]

According to T&Cs they can give notice via the website but I don't see anything up yet. People are talking about a 20 June switchover date so that is more than the statutory 20 day minimum.

 

[Jonova]

Was going to try and get the World card but I don't think I'm going to bother. Hopefully they don't change the FX free transactions otherwise there is no reason to keep the card at all.

 

[get me outta here]

I just read the Points Hack article and I have emailed the bank to tell them that this is very poor form. I argued with them last week about the $220 annual fee. and got a refund of $60. If I'd known about this I would have asked for a $150 refund.

You may think of email them to to tell them what you think.

Bankwest to cut points earning and interest free period on Bankwest Qantas World and Qantas Platinum cards from June - Point Hacks

 

[Ambo]

Just spoke with BankWest via their chat, confirmed.

I have feedback to them I'm not happy with the change and that they should consider heavily reducing the annual fee since I know they definitely wont reverse the decision.

I'm now looking at the JetStar Platinum as an alternative if they keep their 1 point per $.

 

[get me outta here]

[FONT=arial, helvetica, clean, sans-serif]Here's the BW reply concentrating not on my displeasure at the lowering points and the high annual fee, but choosing to reply to a lesser issue: [/FONT]


[FONT=arial, helvetica, clean, sans-serif]Dear get me outta here,[/FONT]

Thank you for your email regarding the upcoming changes to the QANTAS
MasterCards. I'm sorry for any inconvenience these changes may cause.

Bankwest customers will be made aware of the changes via a statement
message as well as direct messaging activities commencing 19/04/2016.

I hope that I have been able to assist with your enquiry today.
If you would like any further information, please do not hesitate to
contact us again via this email service or on our contact details below.

In everything we do, we strive to deliver an easier banking experience
for everyone. To improve our service, you may receive an email survey
where you can provide feedback on the experience you have received
today. We hope we have provided you a 10 out of 10 experience and would
appreciate any feedback you can provide.

 

[Doctore1003]

Earning 0.5-0.66 points per dollar might be the best rate available for Visa/MC by the end of the year, given the RBA has said it would like to see interchange fees capped at 0.8%. The final RBA decision is due in late May.

 

[Ambo]

Earning 0.5-0.66 points per dollar might be the best rate available for Visa/MC by the end of the year, given the RBA has said it would like to see interchange fees capped at 0.8%. The final RBA decision is due in late May.

Are the rules confirmed to be introduced or is there still a chance they wont be implemented? Would of liked the banks to have held of pending an announcement from the RBA before starting to reduce earn rates.

 

[Doctore1003]

Are the rules confirmed to be introduced or is there still a chance they wont be implemented? Would of liked the banks to have held of pending an announcement from the RBA before starting to reduce earn rates.

There has been no official announcement yet from the RBA. The next meeting of the board that makes the decision is in late May and the RBA previously said that was likely to be when the final decision is reached. The RBA has signalled its intentions already though, and most of the banks seem to have decided there is no point waiting for the formal announcement.

 

[Pleb Status]

Once this change goes through, this will be the first time in a very long time (~20 years) that my prime MC/Visa will earn less than 1pt/$. I have had cards that earn less but just do not use them (my NAB Visa earns 0.5pt/$ but I only ever use the AMEX at 1.5pt/$ and all MC/Visa purchases were on the BW World).

I will save some money with these changes however. For example, my body corporate fees attract a 1.5% CC surcharge and this was the most I would ever pay to earn points (even this was marginal value). I will now BPay these fees for free (saving $90pa), as QF points are certainly not worth paying ~2.25c/pt.

 

[BillytheFIsh]

Ouch. Well at least when I get rid of this card and my Citi card I will be able to start my card collection afresh later in the year. Altitude Black will probably be the only one to survive the cull due to my warehouse there.

With all the dwindling earn rates and increased sign-on bonuses it's like they want to encourage us to focus on churning, not spending (not that I need much encouragement)

 

[Doctore1003]

I think the large sign-on bonuses were in anticipation of the change in regs, in order to sign on new customers, and after the new regs come in we may not see any more large bonuses as they will be too costly for the banks.

 

[BillytheFIsh]

I'm not sure I follow your logic. If the banks wanted to sign up new customers in anticipation of the new regulations, they'll still want to sign up new customers once they come in.

In any event, I personally hope you're wrong for entirely selfish reasons!

 

[madrooster]

There has been no official announcement yet from the RBA. The next meeting of the board that makes the decision is in late May and the RBA previously said that was likely to be when the final decision is reached. The RBA has signalled its intentions already though, and most of the banks seem to have decided there is no point waiting for the formal announcement.

This is incorrect. The RBA cut interchange fees last year in November which is what sparked the sudden Citibank earn rate cuts. The other banks have taken their time before implementing cuts unlike Citibank.